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Dynamics 365 Community / Forums / Microsoft Dynamics GP (Archived) / Disposal of an Asset b...
Microsoft Dynamics GP (Archived)

Disposal of an Asset by mistake

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Posted on by rmousa877 90

Hello,

I am wondering how to handle the incorrect disposal of an asset. It was written off the books as sold but the buyer never actually came to pay for it or pick it up. It wasn't fully depreciated at the time of "sale" and we recognized gain/loss. This was done in 2013 so the period is obviously long closed. 

Since we still have the asset, what would you recommend? Do we add it back on as a new asset at its book value before the sale? Or is there another path to take?

All help is much appreciated. Thank you!

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  • Verified answer
    Mahmoud Saadi Profile Picture
    Mahmoud Saadi 32,738 on at
    RE: Disposal of an Asset by mistake

    Hello Reem

    "I forgot to mention that we currently don't use the Fixed Asset module yet." How did you retire the fixed asset initially if you don't have fixed asset !!

    If you were to enter the asset all over again, you should enter the asset details just before being sold, that means the following:

    • Asset Cost: the original asset cost at the time of purchase
    • Acquisition Date: the original date at which the asset was purchased
    • YTD amount: the amount at the time of sale
    • LTD amount: the amount at the time of sale
    • Salvage value: the original salvage value

    Once the asset and associated book details are entered, you will be asked to recalculated the depreciation amount, click "Recalculate".

    As a justification, the above means entered the asset as if you are entering asset opening balances.

    Your feedback is highly appreciated,

  • rmousa877 Profile Picture
    rmousa877 90 on at
    RE: Disposal of an Asset by mistake

    I forgot to mention that we currently don't use the Fixed Asset module yet.

    If I were to add the asset back on, I would use the original info? Or the info available at sale? You would be depreciating the same item twice if you used the original information, wouldn't you?

    Thanks,

    Reem

  • Suggested answer
    Mahmoud Saadi Profile Picture
    Mahmoud Saadi 32,738 on at
    RE: Disposal of an Asset by mistake

    You can have one of two options, either to undo the retirement (Transactions > Fixed Assets > Retire Undo), or you can simply (as you suggested) enter the asset all over again with the master data (asset cost, YTD and LTD).


    Your feedback is highly appreciated,

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